PlatON Launches Web3 Payment System, Aims to Rival Visa
PlatON, a leading innovator in blockchain-based payment solutions, has been making significant strides in bridging traditional finance with the digital economy. The company's enterprise-grade solutions cater to a wide range of clients, including banks, payment institutions, and large commercial organizations. By developing a trustless digital economy through its foundational infrastructure, PlatON has achieved notable milestones, particularly in creating an efficient payment and clearing system.
The transition from Web 2.0 to Web 3.0 in financial transactions is a critical aspect of understanding PlatON’s role. Web 2.0, characterized by centralized platforms like paypal and Stripe, revolutionized digital payments by making transactions seamless and accessible worldwide. However, these systems rely on intermediaries, which introduce inefficiencies such as high fees, processing delays, and limitations based on jurisdictional control. In contrast, Web 3.0 aims to create a decentralized financial infrastructure where users can transact peer-to-peer without relying on traditional financial intermediaries. Blockchain networks play a pivotal role in ensuring security, transparency, and trustless transactions in this emerging paradigm. PlatON is at the forefront of developing a blockchain-powered, open-loop global payment infrastructure designed to compete with, and even surpass, traditional payment networks.
Lilin Sun, CEO of the PlatON project, emphasized the importance of building infrastructures that enhance security and efficiency while empowering users with true ownership of their digital assets. "As we transition from the centralized frameworks of Web 2.0 to the decentralized paradigms of Web 3.0, it's imperative to build infrastructures that not only enhance security and efficiency, but also empower users with true ownership of their digital assets," said Sun.
PlatON’s ultimate vision is to become synonymous with the "Visa of Web 3.0." This means building an open-loop global payment network where transactions are executed seamlessly across different platforms without reliance on intermediaries. In the context of Visa and other traditional providers like credit card issuers, an open-loop system allows users to make payments at any merchant that supports the network. Unlike closed-loop systems, which are restricted to specific retailers, such as store gift cards for example, open-loop networks provide broad accessibility, making them more practical for global commerce.
In April 2023, during the Global Web3 Payment Innovation Forum, PlatON launched its Web3 payment and clearing system, TOPOS (Tokenized Open Payment Operating System). TOPOS establishes a global payment-clearing network for Web 3.0 by linking financial institutions to real-world assets (RWAs) through tokenized money. It functions similarly to Visa or Mastercard – not as a direct payment service provider, but as a network standard that facilitates efficient blockchain-based transactions.
The TOPOS ecosystem is powered by several key innovations. TOPOS MINT ensures regulatory compliance and supports the full token lifecycle, from issuance to settlement. TOPOS RemiNet provides efficient, low-cost, cross-border remittances with real-time transaction processing. TOPOS On-Chain Payment Acquiring enables secure, instant, multicurrency digital transactions 24/7 on the PlatON blockchain. Additionally, PlatON is transforming digital transactions with innovative payment methods such as QRPAY, which leverages QR code technology to facilitate seamless transactions, and ZKPAY, which enhances security and privacy through zero-knowledge proofs, allowing users to conduct transactions without exposing sensitive financial data.
PlatON recently introduced the ‘3T’ concept – Trusted, Trustworthy and Trustless – to reinforce its commitment to a robust financial infrastructure. According to CEO Lilin Sun, “The 3T approach is specifically about Trusted Financial Infrastructure, Trustworthy Partners and enabling a Trustless Future Web3 Ecosystem.” This approach positions PlatON as the backbone of financial-grade Web3 infrastructure, not just another blockchain project.
When evaluating payment systems, three core factors come into play: speed, trust, and fees. Traditional credit card networks have long been perceived as faster than blockchain-based alternatives, but PlatON is changing this narrative. The PlatON and TOPOS networks settle transactions in just 1.062 seconds – a processing time comparable to, or even faster than, Visa and Mastercard. Thanks to blockchain technology, PlatON ensures that data remains both accessible and secure, with cryptographic mechanisms protecting user funds. By removing intermediaries, PlatON significantly reduces transaction costs, making global payments more efficient for both businesses and consumers.
With ecosystem partners like Straitsx and Allinpay supporting PlatON, the project is well-positioned to become a dominant force in the payment industry. As the global financial system gravitates toward decentralized solutions, it's only a matter of time before a blockchain-powered platform underpins financial-grade services. PlatON is poised to take that place, paving the way to become the Visa of Web 3.0.